Future Of Home Healthcare Market in India: Ken Research

The home healthcare market in India is still at its early growth stage. The unorganized sector still dominates the market having a market share by revenue of ~%. The home healthcare market has grown at a CAGR of 17.2% from FY’2014 to FY’2019 and is expected to grow at a CAGR of 19.2% from FY’2019 to FY’2025. The market is highly fragmented, thus consisting primarily of unorganized players. There are various services being offered by the firms with their key revenue being contributed from services such as home healthcare, provision of pharmaceuticals, and rent/sale of medical devices. The shifting demand trends indicate that apart from services like elderly care, owing to the unhealthy lifestyles of the younger generation, the industry is also witnessing a rise in the demand for services such as physiotherapy, stroke rehabilitation, infant care, critical care, dialysis at home, and speech and language therapy among others.

The major players in the market such as Portea Medical, Healthcare at Home, Medwell Ventures among others have provided the patients in the healthcare market with the opportunity of saving their time as well as money and being attended to right in the comfort of their home. It has been observed that demand for home healthcare services increased in India primarily due to the surge in the prices of advanced medical equipment, the lack of proper medical infrastructure which is insufficient to cater to the needs of the growing population.

Healthcare is one the biggest market in India and home healthcare is en route to becoming a strong component of it. The rising demand for home care services due to the shift in the preferences from traditional to home healthcare services will pave out the way for this growth.

How Is the Home Healthcare Market In India Segmented?

The India home healthcare market has been segmented by region/tier, by market structure, by age group, by the profile of patients and by subscription and recurring model as opted for by the patients. Tier 1 cities constitute the majority proportion of the market, having a market share of ~% followed by Tier 2 cities a ~% and Tier 3 cities at ~%. Tier 1 cities have the greatest market share owing to their shifting demand trends and greater the pressure being put on the existing medical infrastructure due to the rise in population.

Looking at the age groups of patients, patients above the age of 60 years will dominate the market having a share of ~%. Accordingly, elderly care leads the market in the kind of service demanded to contribute ~% to the total market share.

All in all, the home care market in India is currently surging in the tier 1 cities, deriving their key revenue from the elderly care segment.

Further, it must be noted that the market primarily consists of private, unorganized players having a regional presence in only one city of India and doesn’t have a qualified deliverable resource. They have a total market share of ~%. Organized players have a significantly smaller share owing to the early growth stage of the market. Consumers prefer a non-recurring payment model over the subscription model owing to factors such as uncertainty of recovery, lower price difference, and quality of services.

Competitive Landscape

The home healthcare market in India is still in its early growth stage with a higher proportion of unorganized players as compared to organized players. The market is highly fragmented. Organized players are currently focusing on increasing their penetration in Tier-1 and Tier-2 with a focus on service differentiation, complex and high-value margin specialization such as ICU@Home, Oncology services, Mother and Infant care, etc. Owing to various factors like increasing life expectancy, shifting demand trends, and being more cost and time-efficient, the market shows a lot of potentials to grow in the coming years. The major players in the market include Portea Medical, Healthcare AtHome, Apollo Homecare, India Home Healthcare, Medwell Ventures among others. The major players in the market compete on factors such as brand value, QAI Accreditation, presence in a number of cities, quality services, qualified resources, payroll staff, funding partners among others. The major players are also competing on the basis of the technology used in providing the services. Home healthcare providers make use of modern-day technological advances like Internet of Things (IoT) and Artificial Intelligence (AI) in order to provide better quality care to the patients.

Future Outlook And Projections In The India Home Healthcare Market

The overall revenues for the India home healthcare industry are expected to increase at a positive CAGR of ~% during the period FY’2019-FY’2025. The main reasons for the expected growth in revenue are factors such as increasing life expectancy, increasing levels of disposable income, shifting demand trends, unhealthy lifestyles of the younger population leading to a higher prevalence of chronic diseases requiring specialized care are expected to be responsible for this massive growth.

As of now, the market is dominated by private, unorganized players and the trend appears to remain the same for the next 6 years as well, however, the market is expected to witness a nominal decrease in the proportion of unorganized players at an expected rate of ~% per year on average.

Furthermore, it is expected that the market will witness a regulatory reform carried out by the Ministry of Health and Family Welfare and home healthcare services will also be brought under the purview of insurance.

Key Segments Covered: –

India Home Healthcare Market, FY’2014-FY’2025

India Home Healthcare Market Segmentation, FY’2019-FY’2025

By Market Structure (Organized and Unorganized)

By Region/Tier (Tier 1, Tier 2and Tier 3 cities)

By Age Group (0-25 Years, 25-40 Years, 40-60 Years and Above 60 Years)

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